Teleradiology Services Market, Distribution by Type of Image Processed, End User, Business Model, and by Key Geographical Regions: Industry Trends and Global Forecasts, 2021-2030

Overview

Adoption of teleradiology services can enable about 20%-30% enhancement in efficiency of radiologists/physicians, thereby allowing them to interpret more number of images in a single day

- President and Chief Executive Officer, US based Mid-sized Company

Over the past few years, an increase in the global disease burden has been observed. In fact, the failure to report a health issue to a healthcare provider, in its early stages, is anticipated to cost several billion dollars in excess, each year. Further, some individuals are required to visit a radiologist frequently for proper diagnosis of their health condition. This creates an additional burden on radiologists, as in most of the cases the examination is done manually. It is worth mentioning that the scope of such manual examination of medical images is limited, both in terms of accuracy (resulting in misdiagnosis) and throughput (leading to delays in communication of results). As a result, in situations characterized by low physician to patient ratios, the conventional modus operandi is rendered inadequate. Experts have predicted that there would be a shortage of 40,800 to 104,900 physicians, by 2030, in the US alone. Further, it is estimated that 90% of the medical data generated in hospitals is in the form of images; this puts an immense burden on radiologists and other consulting physicians to process such large volumes of data. Additionally, as per a recent survey conducted by Medscape, nearly 40% of the radiologists felt either burned out or stressed due to spending too many hours at work. The aforementioned constraints, coupled to the rising demand for virtual/remote diagnosis services, have prompted players to outsource their radiology needs. 

Teleradiology is a branch of telemedicine, that uses telecommunication systems to transmit radiological images, such as computed tomography (CT), magnetic resonance imaging (MRI), positron emission tomography (PET), ultrasound and X-ray, from one location to another for interpretation/consultation purposes. It holds several advantages in terms of streamlining challenges related to geographic and overnight/emergency coverage. Moreover, the implementation of teleradiology solutions in diagnostic imaging is deemed to possess the potential to save about 20%-30% of the total cost and time invested. Considering this, hospitals, diagnostic imaging centers and other potential end-users are gradually becoming more receptive to the adoption of such solutions for their regular use. The recent surge in demand for teleradiology services amidst the COVID-19 pandemic has further served to create a strong case for imaging centers to implement such services. Over the years, teleradiology focused start-ups have seen a significant growth and are currently implementing innovative technologies, such as AI, cloud computing, deep learning, machine learning and quantum computing, to make the overall process more efficient while reducing the workload of radiologists. Given the ongoing pace of innovations, implementation of cutting-edge technologies, a high cost saving potential associated with such solutions and increasing demand for remote diagnostic interpretations, we believe that the teleradiology services market is likely to evolve at rapid pace in the coming years.

Scope of the Report

The “Teleradiology Services Market, Distribution by Type of Image Processed (CT Scan, MRI, Ultrasound, X-Ray, and Others), End User (Hospitals, Diagnostic/Imaging Centers, Patients and Others), Business Model (B2B and B2C), and by Key Geographical Regions (North America, Europe, Asia, Middle East and North Africa, Latin America, and Rest of the World): Industry Trends and Global Forecasts, 2021-2030 ” report features an extensive study of the current landscape, offering an informed opinion on the likely adoption of teleradiology solutions in the diagnostic imaging industry, till 2030. The report features an in-depth analysis, highlighting the capabilities of various stakeholders engaged in this domain. 

Amongst other elements, the report includes:

• A detailed overview of the current market landscape of teleradiology service providers, including information on the year of establishment, company size (in terms of number of employees), target market (domestic and international), type of business model (B2B and B2C), location of headquarters, type of image processed (CT scan, MRI, PET, ultrasound and X-ray), type of subspecialty offered (cardiology, mammography, musculoskeletal, neuroradiology, nuclear medicine, oncoradiology, pediatrics), type of end user (diagnostic/imaging centers, hospitals, patients, and others), type of software (PACS and RIS), and additional capabilities (AI, cloud computing, deep learning, and machine learning).
• An in-depth company competitiveness analysis of teleradiology service providers, taking into consideration various relevant parameters, such as years of experience, portfolio strength (in terms of type of image processed, type of subspecialty offered, type of end user, target market, COVID-19 initiatives, and additional capabilities), partnerships activity (in terms of number of partnerships, year of partnerships, and type of partnerships), and funding activity (in terms of number of funding instances, amount of funding, year of funding, type of funding, and number of lead investors).
• Elaborate profiles of various prominent players that are currently engaged in offering teleradiology services for interpretation of diagnostic imaging, featuring a brief overview of the company (including information on its year of establishment, number of employees, location of headquarters and key members of the executive team), recent developments and an informed future outlook.
• An analysis of the partnerships that have been inked between various stakeholders in this domain, during the period 2015-2021, covering acquisitions, mergers, product launch agreements, service agreements, service alliances, technology integration agreements and technology utilization agreements, along with analysis on recent investments, including venture series, initial public offering (IPO), and private equity. Further, it includes analysis of other recent initiatives taken by various stakeholders engaged in this domain. 
• A detailed analysis of the current and future market based on blue ocean strategy, covering a strategic plan/guide for emerging teleradiology players to help unlock an uncontested market, featuring thirteen strategic tools, modified in context to teleradiology services that can help service providers shift towards a blue ocean strategic market. 
• An elaborate analysis on the cost saving potential associated with the implementation of teleradiology in interpretation of diagnostic imaging, by taking into consideration several relevant parameters, such as number of radiologists in a region/country, annual remuneration of radiologists (region specific), number of scans (for modalities such as CT, MRI, X-ray, and Ultrasound) performed in each region and increase in efficiency (in terms of scanning time) achieved through adoption of teleradiology services. 

One of the key objectives of the report was to estimate the existing market size and future opportunities associated with teleradiology services over the next decade. Based on multiple parameters, such as likely adoption trends, revenues of service providers, and expected price variations for these services, we have provided an informed estimate on the evolution of the market for the period 2021-2030. The report also features the likely distribution of the current and forecasted opportunity within teleradiology services market across [A] type of image processed (CT, MRI, ultrasound, X-ray, and others), [B] type of end user (hospitals, diagnostic/imaging centers, patients, and others), [C] type of business model (B2B, and B2C), and [D] key geographical regions (North America, Europe, Asia, Middle East and North Africa, Latin America, and Rest of the World). In order to account for future uncertainties and to add robustness to our forecast model, we have provided three forecast scenarios, portraying the conservative, base and optimistic scenarios, representing different tracks of the industry’s growth.

The opinions and insights presented in the report were influenced by discussions held with multiple stakeholders in this domain. 

The report features detailed transcripts of interviews held with the following industry stakeholders: 

• Claude Hooton (President and Chief Executive Officer, Nucleushealth) 
• Karan Malik (Co-Founder, Eminence Health Solutions)

All actual figures have been sourced and analyzed from publicly available information forums and primary research discussions. Financial figures mentioned in this report are in USD, unless otherwise specified.

Key Questions Answered

• Who are the leading players engaged in providing teleradiology services?
• Which types of end users are primarily employing teleradiology services in their workflow?
• Which are key image processing and subspecialty services offered by industry players?
• What kind of partnership models are most commonly adopted by stakeholders engaged in this domain?
• What is the trend for capital investments in the teleradiology services market?
• What are the key strategies that can be implemented by emerging players/start-ups to enter into this highly competitive market?
• How has the recent COVID-19 pandemic impacted the overall teleradiology services market?
• How is the current and future opportunity likely to be distributed across key market segments?
• What are the anticipated future trends related to teleradiology services market?